China to invest millions in agriculture sector

China want to modernise its agriculture industry by 2020.

Reuters report that the Agricultural Development Bank of China have agreed to loan at least 3 trillion yuan ($450 billion) by 2020 for the modernisation of the agricultural sector. This money, used by the Ministry of Agriculture, will be used for national food security, business opportunities overseas and develop China's seed industry, according to the official Xinhua news agency.

It was not immediately clear whether this commitment is separate from the bank's plan announced in May to lend 3 trillion yuan for poverty reduction via agricultural investments, Reuters reports.